What resources and strategies might be used to identify unlisted development sites?

I am conducting a nation wide search for development sites among potential listed and unlisted properties and am interested in what resources and strategies may be employed to efficiently and effectively identify and narrow the scope of potential properties.
In Buying Property - Asked by Chuck W. - Jan 21, 2011
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Answer(s)

Rob B.
Chandler, AZ

Chuck....Following are some of the needs required: 1. Develop a profile for your requirements. What size parcel, what condition at purchase, what minimum price, what maximum price, required zoning, commission arrangements? 2. Use one of the available methods to send your needs requirement to various commercial brokers in your target areas. 3. Select a good representative in each of your targeted areas and work exclusively with him or her. (Unless one does something to lose your trust). 4. Communicate clearly and freely with your selected representative. If you follow this strategy I am certain you will reach your goals. There is nothing more important for a qualified representative than developing a personal, strong relationship, whereby the professional can show his or her strength by delivering the goods for you. Good luck Chuck........... Rob Baird, CA RE License #544165 (One of the oldest, active licenses in CA) 951 515-5855 Email: rob@capratecommercial.com

Jan 22, 2011
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John S.
Broker/Agent
Boise, ID

Infrastructure and School Districts
In my experience, whether you're looking for commercial or residential development sites, following the tranpsortation is the first and best means of identifying potential sites. Sewer, water and power are the next infrastructures to follow.
For residential development, desirable school districts are key. Schools also lend a lot to the carrying costs (property taxes) of potential development sites, so while the best school districts have high property tax burdens, carrying undeveloped land can be expensive in an expensive school district. Be sure to identify ways to mitigate those carrying costs.
Good luck.

Jan 22, 2011
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Jamiel C.
Owner/Investor
Richmond, VA

Always a good question. I have four sources, two of which, nobody has mentioned yet. 1) Do the basics. Of course you go to a commercial realty broker, but you should go to more than one. Big investors never limit themselves to one broker, because having more than one can cover more ground, and multiplies the likelihood that you will get more offers. My only warning is be sure you are a serious buyer, because if not, the word will spread and no local broker will want to do business with you, let alone the one you have. 2) Check your local government. Where my firm is here in Virginia, its called the Virginia Housing and Development Association or VHDA. These properties are often unlisted with many brokers because they are not considered privately or publicly held, due to their ownership by a state municipality. You still listening? Good! Because number 3 is next. 3) Check with the national council of exchangers, and the society of exchange counselors...ok I gave you two for one here...use my web reference to further connect with them, but there numbers are 18003241031 and 18584883750 respectively. They may ask that you go through a broker listed with them, but this is no severe barrier. The none publicly listed properties are for cash flow investors interested in passive income, so you will make a lot of good connections at their nationwide events. Finally, ask banks for properties they are holding, as local brokers typically don't list these either. Banks don't want to be investors, they want to lend to them.

Jan 28, 2011
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